At the ongoing 9th extraordinary session, the National Assembly discussed the supplementary proposal for the 2025 socio-economic development plan, aiming for a GDP growth rate of 8% or more. The government also proposed adjusting the Consumer Price Index (CPI) growth to 4.5-5%, with potential adjustments in the budget deficit and public debt if necessary.

While supporting the higher growth target, many lawmakers expressed concerns over its feasibility and called for careful consideration of solutions.

Ha Sy Dong, Acting Chairman of the Quang Tri Provincial People's Committee, said. Deputy Chairman of the Quang Tri Provincial People's Committee, emphasized that increasing tax revenue could strain businesses and customs authorities. He argued that using budget savings instead of increasing taxes or public debt would be a better approach to achieve the growth target.

Other lawmakers, such as Nguyen Huu Toan, Deputy Chairman of the Financial-Budget Committee, raised concerns over increasing the deficit, suggesting that public investment should focus on areas that private enterprises cannot or will not invest in.

Tran Van Khai, a member of the Science and Technology Committee, proposed setting up a special task force to accelerate public investment and eliminate unnecessary business conditions that hinder enterprises.

Deputy Prime Minister Ho Duc Phoc highlighted that public investment, projected to reach around US$900 billion in 2025, will be a major growth driver. Meanwhile, National Assembly Chairman Tran Thanh Man stressed that private investment, accounting for 55% of total investment, is crucial for achieving the growth target. He underlined the importance of institutional reforms to boost private sector confidence.

Prime Minister Pham Minh Chinh noted that achieving over 8% growth is a significant challenge, given the global economic context. He suggested that to drive growth, credit expansion and fiscal policies would need to balance increased revenue with reduced expenditure, while offering tax incentives for businesses.

As planned, the National Assembly is scheduled to vote on the resolution for the 2025 socio-economic development plan on February 19.

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